Nigeria in 1min: Economic, Business & Financial Headlines – 050516

PROSHARE ECONOMY Sell in May and Go Away - LBS EXECUTIVE BREAKFAST SESSION MAY 2016 - Nigerian workers are demanding the dollar equivalent of their salaries, after a five year minimum wage freeze of N18,000 per month ($120). They are now demanding N56,000 at a time when labour productivity growth has shrunk to (-0.4%). Source Proshare Read More

Inflation to spike further to 13.2% in April 2016 - We are projecting a steep rise in YoY April inflation to 13.2%, 0.4% higher than that of March (12.8%). This will be the fourth consecutive monthly increase in 2016. If our forecast is accurate, it will be head-turning for the MPC which have barely recovered from the spike in March. Source Proshare Read More

Executive Summary of Q1 2016 capital importation report - NBS - This executive summary report is being published ahead of a more detailed report expected soon. Accordingly, it is designed to give a summary of the key indicators as relates to capital importation. Source Proshare Read More

N1.16tn pension fund meant for infrastructure idle – PenCom - The National Pension Commission on Wednesday said that out of the N1.16tn pension fund assets available for investment in infrastructure, only N1.36bn had so far been invested in infrastructure bonds. Source Punch Read MoreCommonwealth investors plan N199.20bn investments in Nigeria - Investors under the Commonwealth Enterprise and Investment Council have planned to invest N199.20 billion (about $1bn dollars) in Nigeria. Source Daily Trust Read More

NIPOST Revokes Licences of 14 Courier Operators, Seals Two - The Courier Regulatory Department (CRD) of the Nigerian Postal Service (NIPOST), on Tuesday in Lagos, raided two courier companies over unethical practices. Source Thisday Read More

PROSHARE REGULATORCBN: Energy Firms Owe Nigerian Banks N3.93tn - Oil, gas and power firms owe banks in the country about N3.931 trillion as at the end of December 2015, according to latest data released by the Central Bank of Nigeria (CBN). Source Thisday Read More

PROSHARE MARKETSStocks halt 3-day bullish run as supply gains tempo - The equities market closed today on a negative note, as NSE ASI depreciated by 0.58% to close at 25,715.42basis points, compared with the 3.20% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -10.22%. Source Proshare Read More

SF Markets Monthly Index Highlights: April 2016 - Monthly overview of the Nigerian financial markets as reflected through SF Markets equity and fixed income indices. SF Markets is a provider of innovative benchmark and tradable indices focused on the Sub-Saharan African region. Source Proshare Read More

FBNH - Impairment charges erode returns, though not without Silver-lining - FBN Holdings Plc presented its full year audited reports for 2015 and Q1’2016 financial periods with unimpressive top-line and bottom-line postures as gross earnings performance closed significantly lower at 4.86% (yoy)- far below expectation with a plunge of 81.97% (yoy)- and 77.15% (yoy)- in its both PAT and PBT respectively for the period ended December 31st 2015. Source Proshare Read More

Why China Is Really Dictating the Oil Supply Glut - Ship tracking data from Bloomberg shows that 83 supertankers carrying around 166 million barrels of oil are headed to China, which has stockpiled an impressive 787,000 barrels a day in the first quarter of 2016—the highest stockpiling rate since 2014. Source Proshare Read More

ASHAKACEM Records 75% Fall in PBT; Driven by 21% YoY Decline in Sales - This morning, the NSE published Ashaka Cement’s (Ashaka) Q1 2016 results which showed that PAT declined by 75% y/y to N221m. Similar to the two prior quarters, the results came in weak across the P&L. Source Proshare Read More

Domestic Prices Remain Sticky Downwards - Nigeria, the second largest importer of rice after China, expected to reduce imports as foreign exchange and import bans discourage traders from venturing into rice imports. Source Proshare Read More

Forex: Importers abandon consignments at ports - Importers are abandoning their consignments at ports across the country, following devaluation of the Naira that has made it unprofitable for them to clear their goods. Source Vanguard Read More

Sell shares to new investors, Fashola advises power firms - The Federal Government has advised power firms, particularly the electricity distribution companies, to consider equity sharing with new investors in order to raise adequate capital to fund their operations. Source Punch Read More

Shell profit tumbles by 83% over low oil price - Royal Dutch Shell, yesterday, announced a $4billion or 83 percent drop in its earnings for the first three months of 2016. Source Daily Trust Read More

Nigeria/Houston Annual Oil,Gas Trade Hits $15bn In 2015 - Nigeria’s annual trade with Houston Texas in the oil and gas industry in 2015 is said to be valued at $15 billion. Source Leadership Read More

Non-Fossil Fuel To Account For 22% Of Global Energy By 2040 – OPEC - Non fossil energy is expected to account for about 22 per cent of global energy mix by 2040 the Secretary General of the Organisation for Petroleum Exporting Countries (OPEC) HE Abdalla El-Badri, has said. Source Leadership Read More

‘We ‘ve paid N2.5b to PPMC without fuel’ - About 30 million litres of fuel are yet to be supplied to marketers by the Pipelines and Product Marketing Company (PPMC) three months after the payment of N2.5billion, the Independent Petroleum Marketers Association of Nigeria (IPMAN), has said. Source THE NATION Read More

OPEC to Head for June Talks Without Plan for Supply Limits - There are currently no proposals on the table for OPEC to revive limits on crude output at its June meeting after the failure of talks to freeze production last month, according to six delegates from the group. Source Bloomberg Read More

Barclays says to sell 12 pct stake in African business - Barclays said on Wednesday it is selling shares representing 12 percent of Barclays Africa Group, as the British bank follows through on plans announced in March to sell down its stake in its African business. Source Reuters Read More

Zimbabwe's central bank says to limit cash withdrawals to ease shortages - Zimbabwe will limit daily cash withdrawals from banks to $1,000 and also slash the amount of cash individuals can take out of the country to ease acute shortages of currency, the central bank governor said on Wednesday. Source Reuters Read More

PROSHARE TECHNOLOGY216 million telephone lines connected – NCC - The number of connected telephone lines in the country increased to 216 million from 210 million between January and March this year, according to the Nigerian Communications Commission. Source Punch Read More

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